Answer:
The journal entries are as follows:
(i) Insurance expense A/c Dr. $160
To prepaid insurance $160
(To record the insurance expense)
Workings:
Insurance expense = cost of insurance policy ÷ 36 months
= $5,760 ÷ 36 months
= $160
(ii) Advertising expense A/c Dr. $1,160
To prepaid advertising $1,160
(To record the advertising expense)
Workings:
Advertising expense = cost of advertisement ÷ 24 months
= $27,840 ÷ 24 months
= $1,160
Answer: The adviser must register in all the states i.e Illinois, Wisconsin, Missouri and Indiana.
Explanation:
From the question, we are told that an adviser with $133,000,000 of assets under management has its main offices in Illinois and branch offices in Wisconsin, Indiana, and Missouri.
Based on th above scenario, the adviser has to register in all the states where it has offices.
Answer:
<u>Job cost sheet</u>
Beginning /Materials / Labor / *overhead / Total
>J/58 0 9200 14400 3840 27440
>J/59 0 8900 10800 2880 22580
>J/60 0 6400 7200 1920 15520
24500 32400 8640 65540
<em><u>Journal entries:</u></em>
raw materials 29670
accounts payable 29670
WIP 24500
raw materials 24500
WIP 32400
wages payables 32400
factory overhead 17880
accounts payable 17880
WIP 8640
factory overhead 8640
Finished Goods 50,020**
WIP inventory 50,020
***COGS 53,040
Finished Goods 53,040
Accounts receivables 74256
*4 Sales revenue 74256
Explanation:
* the overhead is calcualte as the direct labor per job (800 ; 600; 400 respectively) times the overhead rate of 4.80
** the finished goods are Job 58 for a cost of 27,440 and 59 which cost is 22,580 we add the mand get 50,020 for the amount transferred int ofinished goods
***the cost of good sold will be J/57 of 25,600 plus J/58
*4 the sales revenue will be COGS times 1.4 as is the manufacturing cost plus a 405 markup.
